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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
May. 31, 2015
Nov. 30, 2014
ASSETS    
Cash and cash equivalents $ 920,157 $ 1,281,814
Inventories:    
Total assets [1] 13,895,459 12,958,267
LIABILITIES AND EQUITY    
Senior notes and other debts payable 5,291,136 4,690,213
Total liabilities [2] 8,419,740 7,706,965
Stockholders' equity:    
Preferred stock [2] 0 0
Additional paid-in capital [2] 2,261,951 2,239,704
Retained earnings [2] 2,941,595 2,660,034
Treasury stock, at cost; May 31, 2015 - 349,271 shares of Class A common stock and 1,679,620 shares of Class B common stock; November 30, 2014 - 505,420 shares of Class A common stock and 1,679,620 shares of Class B common stock [2] (85,535) (93,440)
Total stockholders' equity [2] 5,138,738 4,827,020
Noncontrolling interests [2] 336,981 424,282
Total equity [2] 5,475,719 5,251,302
Total liabilities and equity [2] 13,895,459 12,958,267
Lennar Homebuilding [Member]    
ASSETS    
Cash and cash equivalents [1] 638,992 885,729
Restricted cash [1] 12,373 9,849
Receivables, net [1] 70,443 93,444
Inventories:    
Finished homes and construction in progress [1] 3,717,543 3,082,345
Land and land under development [1] 4,984,978 4,601,802
Land under purchase options, recorded [1] 51,255 52,453
Total inventories [1] 8,753,776 7,736,600
Investments in unconsolidated entities [1] 688,467 656,837
Other assets [1] 591,082 672,589
Total assets [1] 10,755,133 10,055,048
LIABILITIES AND EQUITY    
Accounts payable [2] 441,990 412,558
Liabilities related to consolidated inventory not owned [2] 43,897 45,028
Senior notes and other debts payable [2] 5,291,136 4,690,213
Other liabilities [2] 802,665 863,236
Total liabilities [2] 6,579,688 6,011,035
Rialto [Member]    
ASSETS    
Cash and cash equivalents [1] 176,378 303,889
Restricted cash [3] 20,826 46,975
Receivables, net [4] 0 153,773
Inventories:    
Investments in unconsolidated entities [1] 195,135 175,700
Total assets [1] 1,364,682 1,458,152
LIABILITIES AND EQUITY    
Senior notes and other debts payable [2],[5] 629,703 623,246
Other liabilities [2] 83,041 123,798
Total liabilities [2] 712,744 747,044
Lennar Financial Services [Member]    
ASSETS    
Cash and cash equivalents 103,093 90,010
Restricted cash 8,998 8,609
Receivables, net [6] 301,048 150,858
Inventories:    
Other assets [7] 109,979 78,394
Total assets 1,413,388 1,177,053 [1]
LIABILITIES AND EQUITY    
Other liabilities [8] 210,099 192,500
Total liabilities [2] 1,075,515 896,643
Lennar Multifamily [Member]    
ASSETS    
Cash and cash equivalents 1,694 2,186
Inventories:    
Land and land under development 197,447 120,666
Land under purchase options, recorded 5,508 5,508
Investments in unconsolidated entities 129,818 105,674
Other assets 27,018 18,240
Total assets 362,256 268,014 [1]
LIABILITIES AND EQUITY    
Liabilities related to consolidated inventory not owned 4,007 4,008
Total liabilities 51,793 52,243
Class A Common Stock [Member]    
Stockholders' equity:    
Common stock [2] 17,429 17,424
Total equity 17,429 17,424
Class B Common Stock [Member]    
Stockholders' equity:    
Common stock [2] 3,298 3,298
Total equity $ 3,298 $ 3,298
[1] Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of May 31, 2015, total assets include $709.3 million related to consolidated VIEs of which $14.4 million is included in Lennar Homebuilding cash and cash equivalents, $0.7 million in Lennar Homebuilding receivables, net, $0.4 million in Lennar Homebuilding finished homes and construction in progress, $174.5 million in Lennar Homebuilding land and land under development, $51.3 million in Lennar Homebuilding consolidated inventory not owned, $31.1 million in Lennar Homebuilding investments in unconsolidated entities, $25.1 million in Lennar Homebuilding other assets, $402.1 million in Rialto assets and $9.8 million in Lennar Multifamily assets.As of November 30, 2014, total assets include $929.1 million related to consolidated VIEs of which $11.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.2 million in Lennar Homebuilding receivables, net, $0.2 million in Lennar Homebuilding finished homes and construction in progress, $208.2 million in Lennar Homebuilding land and land under development, $52.5 million in Lennar Homebuilding consolidated inventory not owned, $23.9 million in Lennar Homebuilding investments in unconsolidated entities, $104.6 million in Lennar Homebuilding other assets, $508.4 million in Rialto assets and $19.2 million in Lennar Multifamily assets.
[2] As of May 31, 2015, total liabilities include $84.2 million related to consolidated VIEs as to which there was no recourse against the Company, of which $8.1 million is included in Lennar Homebuilding accounts payable, $43.9 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $14.6 million in Lennar Homebuilding other liabilities, $13.6 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities.As of November 30, 2014, total liabilities include $149.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $6.8 million is included in Lennar Homebuilding accounts payable, $45.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.6 million in Lennar Homebuilding senior notes and other debts payable, $14.8 million in Lennar Homebuilding other liabilities and $21.5 million in Rialto liabilities.
[3] Restricted cash primarily consists of cash held in escrow by the Company's loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties.
[4] Receivables, net primarily relate to loans sold but not settled as of November 30, 2014.
[5] Notes and other debts payable included $351.7 million and $351.9 million related to the 7.00% Senior Notes due 2018 (“7.00% Senior Notes”) as of May 31, 2015 and November 30, 2014, respectively, $169.6 million and $141.3 million related to the RMF warehouse repurchase financing agreements as of May 31, 2015 and November 30, 2014, respectively, and $38.0 million and $58.0 million related to the notes issued through a structured note offering as of May 31, 2015 and November 30, 2014, respectively.
[6] Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of May 31, 2015 and November 30, 2014, respectively.
[7] As of May 31, 2015 and November 30, 2014, other assets included mortgage loan commitments carried at fair value of $18.9 million and $12.7 million, respectively, mortgage servicing rights carried at fair value of $16.5 million and $17.4 million, respectively, and other investment securities of $43.4 million and $16.8 million, respectively.
[8] Other liabilities included $68.4 million and $69.3 million as of May 31, 2015 and November 30, 2014, respectively, of certain of the Company’s self-insurance reserves related to general liability and workers’ compensation. Other liabilities also included forward contracts carried at fair value of $7.6 million as of November 30, 2014.